The QuarTerly Magazine froM iBoa – The finance union ALL TOGETHER NOW!
Even rock stars need a union
Thom Yorke, Radiohead JUNE 2009 INSIDESTORIES june 2009
4-5 6-7 8 9 10-11 SHORTCUTS COVERSTORY NEWS NEWS NEWS Goggin’s pay-off • Credit There’s power in a UK Regulator gets tough Irish regulator under fire • What a Waste!– hain’s ratings • Banking online union – UK rock stars get • Rise in complaints to UK pension consultants $1,400 paper basket • • New debt management organised UK Finance Ombudsman back call for worker British bosses target code • Public trust UK directors working mums for sack. banks
13 14 15 16-17 18 IBOANEWS IBOANEWS IBOANEWS IBOANEWS IBOANEWS Madame President: Ulster Bank: members Danske Bank: ClearCo staff win AIB: Staff back interim Margaret Browne becomes back new terms for re- NIB moves on some as- improved severance mediation proposals only the second woman structure • Pay issues pects of pay • Enhancing terms • Carillion staff to hold the Presidency in refereed to mediator • worker participation secure pay rise • Election IBOA history Managing Sickness • for IBOA District Secretaries Overtime must be paid • INBS staff get organised
19 20-21 22-23 24 25 IBOANEWS UNIONGUIDE IBOANEWS SPORTSSOCIAL SPORTSSOCIAL Bank of Ireland: Who’s who on the IBOA BDC: Delegates back At home with the Premier Don’t be afriad to mention Staff reject Bank’s stance Executive Committee major shift in banking League champions the War: Belfast members and refer issues to 2009-20011? culture • Freeze on Union visit Munich mediator • No award dues • EU unions aim recommended for Staff to reduce inequality in Stock Issue banking
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2 IBOA - THE FINANCE UNION 2009 june INSIDESTORIES
26-27 28 NAMA heralds UNIONPEOPLE YOUTH On the road to one million: Motor-bikers raise Getting down to business major change for €800,000 for charity in just four years • IBOA Golfer of the Year finance sector
The Republic’s new National Asset Management Agency (NAMA) – which is likely to be legislated into existence during the summer – is intended to take over the management of up to E90 billion in property loans and assets (both performing and non-performing) from the six Irish-owned banks covered by the State guarantee on deposits and liabilities. It is intended that NAMA will acquire the 29 33 loans at a significant discount from their stated 30-32 value – reflecting to some degree the collapse in property prices. LIFESTYLE LIFESTYLE SOUNDINGS The object of the exercise is to free up capital Save: Energy, Money, Cereal offenders: All Rock of Ages: American for financial institutions to begin lending into the Earth sweetness and… salt! • legends and a Canadian Irish economy again. Stay Safe in the Sun maestro While details of the precise workings of the Agency have yet to be finalised, IBOA’s concern has been to minimise the impact of the possible trans- fer of assets of this magnitude on the jobs of bank staff currently working on handling this business. Following representations from the Union to a range of bodies – including the Irish Government, Department of Finance, the acting senior manage- ment of NAMA, the Central Bank and the Financial Regulator –it appears that the day-to-day handling of this work will largely remain within the financial institutions – with a small number of NAMA staff 34-35 36-37 38 acting in a supervisory role. Some adjustments may be necessary in cases where a borrower has received loans from a SIGHTINGS IQ SPORTINGLIFE number of institutions which are secured against Public Enemies – Robin Test your brain power Two Irish teams for South the same asset. Hood robbing banks in with the Spectrum prize Africa? – with George Similarly, the same assets may also have been the Great Depression • crossword and the Hamilton used as collateral on loans from both Irish-owned The alchemists of sudoku challenge. and non-Irish-owned financial institutions. For catastrophe • Banksters this reason, among others, NAMA may also con- sider buying loans from the Irish units of foreign- owned banks on a case-by-case basis depending on the complexity of the relationships between the Spectrum is published by IBOA – The Finance Union, borrower and the various institutions concerned. IBOA’s General Secretary, Larry Broderick, IBOA House, Stephen Street Upper, Dublin 8 and said that the creation of NAMA was taking the 29, Malone Road, Belfast. BT9 6RU. financial services sector in Ireland into laregly Telephone: 00353-1-4755908 and 0044-28-90382905 uncharted waters. [email protected] www.iboa.ie “The unprecedented nature of the financial cri- sis means that nothing quite like this has been at- General Secretary: Larry Broderick tempted anywhere in the world. There are no Honorary Secretary: Tommy Kennedy precedents to draw upon: no templates to follow,” Communications Manager: Séamas Sheils he said. “IBOA has argued very strongly that the ex- Advertising enquiries to Anna O’Doherty or pertise of bank officials will be absolutely critical Louise O’Donnell in IBOA House. in this process. We have also lobbied the relevant authorities to try to ensure that any potential im- Spectrum is printed on recycled paper and pact on employment is kept to an absolute mini- wrapped for posting in oxy-degradable polythene mum. The response to our efforts has so far been at W & G Baird, Antrim, Northern Ireland. encouraging,” he added.
IBOA - THE FINANCE UNION 3 SHORTCUTS june 2009
Brian Goggin Goggin paid E3m last year Standard & Poor’s headquarters in Lower Manhattan, New York
Bank of Ireland’s former Chief Standards poor: ratings Executive, Brian Goggin, was paid over E3m in the year up to March, 2009, according to the Bank’s recently agencies deserve no credit published Annual Report. On top of his basic salary for last year of E1.17m, he also received an addi- The recent decision by credit ratings was one of the major triggers for the melt- tional payment of E1.4m “in lieu of agency, Standard and Poor’s, to down- down in the worldwide financial services notice” since he resigned in February a grade the Republic of Ireland’s credit rat- sector – and with it, the global economy. year early. Brian Goggin also triggered an ing from AAA to AA+ and to place Ireland The major ratings agencies recently option in his contract allowing him to on “negative watch” has no doubt caused appeared before a US Congressional com- receive his full pension –worth E650,000- some consternation in Dublin. mittee to try to explain how they had a-year – without actuarial reduction, at Likewise, the agency’s decision to place repeatedly managed to give gilt-edged age 58. the UK “on negative watch” – with a warn- guarantees to many of the highly toxic loan The Annual Report also reveals that ing that it may not be able to keep its triple instruments. Goggin’s successor as Chief Executive, A credit rating – may even have been a Although their performance before Richie Boucher, received E1m last year as contributory factor in the decision of the US legislators was far from convincing, Head of the Bank’s operations in the British premier, Gordon Brown, not to somehow their pronouncements on the Republic of Ireland – down from E1.46m replace Alistair Darling as the Chancellor credit worthiness of sovereign States still in 2007-8. of the Exchequer, as he was widely expected seem to be treated with something other His current salary has been capped to do in his recent Cabinet reshuffle. than the contempt that they might reason- at E500,000 by the Minister for Finance However, what is probably more ably deserve. since Bank of Ireland is one of the six surprising is that these credit ratings institutions covered by the Irish State agencies have any credibility at all. After guarantee. all, their consistent over-rating of various sub-prime mortgage packages in the US Banking on 10% off all products line on rise purchased in the Republic of The use of online banking in the Republic of Ireland has increased significantly in the last Ireland or year, according to research carried out for Northern Ireland Halifax. A survey by Amarach Research found on presentation that 39% of people with internet access used online banking, compared to 27% a of your IBOA year earlier. membership Of those using internet banking, around two-thirds were logging on at least once a card in store. week according to the latest survey com- pared to 55% a year earlier.
4 IBOA - THE FINANCE UNION 2009 june SHORTCUTS More trust in banks in UK
Public trust in banks remains strong in Britain despite the global financial crisis. A recent survey found that most people still trust them more than they do organisa- tions such as Britain’s National Health Serv- ice or the BBC. In fact, the overall level of confidence among the British public in banks, building societies and insurers has risen since last year, after increased government support for the sector, according to the Financial Services Research Forum, based in Notting- ham University. The Forum team asked over 1,400 con- sumers to rate various institutions out of 100. On average, banks scored just under 74, building societies scored 75, and credit card companies scored 71.5.
Irish Banking Federation Chief Executive, Pat Farrell with Anne-Marie O’Connor of the Money Advice and Budgeting Service (MABS) and the Republic’s Minister for Social and Family Affairs, Mary Hanafin (Photo: Maxwell Photography)
’Till debt do SPECIAL us part… SAVINGS FOR IBOA Irish financial institutions agree new code to help customers to The new IBF/MABS protocol MEMBERS is set to become fully oper- ational on September 28, manage their debts 2009. ¤30 off glasses from So far, the following IBF the ¤130 range or Twelve of the major financial institutions in the members have agreed to Republic are to sign up to new guidelines to help subscribe to it: above in the Irish personal customers to manage their debt. Over two • ACC Bank, years in the making, the agreement has been developed Republic • AIB Bank, jointly by the Irish Banking Federation (IBF) and • Anglo Irish Bank, the State-supported Money Advice and Budgeting £20 off glasses from Service (MABS). • Bank of Ireland, MABS provides services and advice for people in debt • Bank of Scotland the £99 range or above or in danger of going into debt. (Ireland), in Great Britain and The IBF says the protocol will enable IBF members • EBS Building Society, and MABS money advisers to work together effectively • KBC Bank Ireland, Northern Ireland to help personal customers to “address and manage debt problems and, wherever possible, to formulate a • National Irish Bank, mutually acceptable, affordable and sustainable repay- • Permanent tsb, To receive your discount ment plan.” • Postbank Ireland, voucher, phone IBF Chief Executive, Pat Farrell, says that the new • MBNA Europe Bank, guidelines are intended to give priority to seeking “work- 00-353-1-4755908. • Ulster Bank. able solutions” over legal proceedings.
IBOA - THE FINANCE UNION 5 COVERSTORY june 2009 Thom Yorke, Radiohead UK rock stars get organised
There’s power in a union
The stereotypical image of the rock star is of a highly in- meeting in London recently – marks a member of the FAC’s board. dividualistic – often self-ab- watershed in the music industry. “For companies who made their liv- sorbed and narcissistic – For the first time, pop and rock artists ing sitting between the two, these are in- egomaniac living and work- are developing a collective voice to cam- creasingly hard times, but for music ing in a bubble which is far paign for effective laws and regulations, makers and music fans this should be a and for transparent and equitable busi- fantastic opport unity. removed from the daily grind ness practices. “YouTube’s row with the Performing experienced by the rest of us. In particular, the FAC aims to fight to Rights Society is the most recent example So the notion that rock ensure that interests of artists and fans – of just how fast the music industry is without whom the music industry would changing,” he said. musicians should be develop- not exist – are not compromised by any “There has never been a greater need ing a sense of solidarity and under the table deals between multi- for the collective voice of featured artists – getting together to create national corporations. whose music generates 95% of revenue “The digital revolution has swept in the industry – to be properly heard. their own trade union is away the old music business of the “As this revolution gathers pace particularly intriguing. 1960s, and changed forever the relation- featured artists must seize the initiative.
Kate Nash Annie Lennox KT Tunstall
6 IBOA - THE FINANCE UNION 2009 june COVERSTORY
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IBOA - THE FINANCE UNION 7 NEWS
Walter Merricks, Chief Ombudsman Rise in number of complaints Financial regulator against UK gets tough in UK financial institutions Record fines of £27.3m –
The UK’s Financial Ombudsman Service and even higher likely in future (FOS) – the independent organisation that settles disputes between consumers The number of penalities imposed by the 2009 were for activity that took place before and financial companies – handled UK’s Financial Services Authority is likely the financial crisis really hit home. 789,877 consumer enquiries and a record to reach record levels this year as the “Any enforcement activity against 127,471 new complaints in the 2008/09 regulator aims to tighten up its scrutiny of financial institutions or their directors who financial year. financial institutions. failed as the credit crunch took the ground The FOS annual review published last So far in 2009 the total value of fines from under them will not feed through month also revealed that the service handed down by the FSA is £8.1m – until next year or even the year after that.” resolved 113,949 disputes – a 14% compared to £3.8m for the The increase in the annual increase – with compensation for same period last year. level of penalties follows a consumers in 57% of cases. A recent report by the decision by the FSA to The number of complaints about London-based law firm, adopt a tougher approach. mortgages, credit cards and consumer Reynolds Porter Chamber- FSA Chief Executive, Hector credit rose by 34% and insurance disputes lain, further highlights the Sants, noted recently: “There increased by 84% – while complaints change in approach by the is a view that people are about mortgage endowments fell by regulator by noting that the not frightened of the FSA. more than half. total value of fines imposed I can assure you that this While half of the total number of dis- by the FSA in the twelve is a view I am determined putes handled by the FOS related to six months to March this year to correct. People should of the UK's largest financial services had risen to a record £27.3m be very frightened of the groups – broadly in proportion to the – an increase of 514% on FSA.” amount of business they carry out with the previous twelve-month A spokesperson for period. the regulator added: “The consumers – the annual report points Jonathan Davies, a increase in the levels of fines out that over 95% of businesses covered partner in the law firm, and the number of pro - by the FOS had no complaint referred to observed that “most of the Financial Services Authority secutions are designed to the service during the year. fines handed down in 2008- Chief Executive, Hector Sants act as a credible deterrent.”
8 IBOA - THE FINANCE UNION 2009 june NEWS Irish regulator under fire from own consumer advisory panel
The Irish Financial Regulator’s response to the banking collapse has been deficient, according to a report from the Regulator’s own Consultative Consumer Panel. The Panel questions why the Financial Regulator did not move to dampen down the housing bubble at an earlier stage by re- quiring financial institutions to set aside more capital for riskier products. “Most consumers have lost substantial sums of money because of the inadequate functioning of the present financial regulatory structures. The response of the Financial Regulator has been deficient to date,” says the report. The Financial Regulator’s office in Dublin (Photo: Sasko Lazarov, Photocall-Ireland!) The Panel, which is appointed by the Republic’s Minister for Finance, to monitor The panel said changes in the system of members of financial institutions, and what the performance of the Financial Regulator regulation were needed at national and impact this had on the performance of from a consumer viewpoint, said that there European level, but said the change should watchdog bodies. is a need to address what gets regulated, how be about the willingness of regulators to act, The report welcomed the Government’s it gets regulated and when it gets regulated. as well as changes in formal structures. It said recent commitment to reform the system, The report suggested that any financial the regulator should be willing to tackle but expressed concern about where the products being proposed should be assessed large players in the market as vigorously as consumer would fit into the new framework. and given approval before being sold to it dealt with smaller players. The panel is It called for financial institutions to have a consumers, in the same way as pharmaceu- also seeking an explanation as to why exec- consumer representative on their board, or tical products. utives on regulatory agencies shouldbe board a consumer panel reporting to the board. UK pensions consultants back call for worker directors in major banks
Worker representatives should sit on the meetings – with auditors forced to resign if boards of major banks to “act as a counter- their reports were rejected. weight to entrenched interests,” according “There are serious structural flaws in to the UK’s leading independent research the model of capitalism that we have grown and advisory consultancy, PIRC, which used to in the UK,” said MacDougall “and advises a number of pension funds respon- these require urgent attention. The steady sible for assets worth £1.5 trillion. inflation-busting growth in executive pay Worker representatives should be whilst equity markets have see-sawed over included on the boards of all large com - the past ten years destroys the myth that we panies as part of a comprehesive overhaul either have remuneration under control, or of the way big companies are governed in have linked it to performance.” the wake of the economic meltdown and The PIRC report also attacks the boards near-collapse of the world banking system. of Britain’s banks for approving business Noting that German firms have a dual strategies and products that resulted in board structure with a supervisory arm con- extreme financial damage. sisting of a range of community and trade PIRC's suggestions are outlined in a In future there must be greater scrutiny union interests and an executive board detailed submission to the Financial of the independence and competence of comprised of senior management, Alan Services Secretary to the Treasury, Lord non-executives and greater accountability MacDougall of PIRC, said: “I think some- Myners –which also proposes that voluntary to shareholders through annual elections of thing like the German model would codes of governance be replaced by com- all directors at large listed companies. improve corporate governance, as well as pulsory regulations that would be enforced PIRC adds that “multiple directorships, help to ensure that reckless policies – by the Financial Services Authority. particularly for those on the boards of major particularly in the banking industry – are PIRC also wants shareholders to be financial institutions, must be vigorously challenged at an early juncture.” allowed to vote on audit reports at annual challenged.”
IBOA - THE FINANCE UNION 9 INTERNATIONALNEWS june 2009 What a waste! Thain’s $1,400 paper basket
Just when we thought no-one could top former RBS Chief Executive, Sir Fred Goodwin, for sheer vanity, arrogance and wasteful extravagance, along comes former Merrill Lynch boss, John Thain, who is reported to have spent over $1.2m on refurbishing his office. With Merrill on the brink of possible collapse, Bank of America agreed to buy it last September. Thain was sacked in January.
Merrill Lynch Chief Executive, John Thain (left) greets his new boss, Kenneth Lewis of Bank of America, after the US Government backed BOA to rescue the former Wall Encore… Street giant from possible collapse by acquiring it. John Thain’s taste for the finer things in life Bank of America became so concerned meant that no expense was spared to about these figures that it might have with- create the perfect working environment in drawn from the acquisition deal if a $20bn his New York office. aid package had not been forthcoming from Following his sacking by the company’s the US Treasury, prompted by fears of new owners, it was revealed that “super- another Wall Street bankruptcy in the wake Thain” – as he was known because of his of Bear Stearns and Lehmann Brothers. resemblance to Superman’s alter ego Clark Despite the colossal deficit, Thain Kent – had spent $1.22m of Merrill’s money approached the Merrill board for a $10m renovating his office a year ago. Included in bonus for selling the business. However, the sumptuous decor were a $87,784 rug, a when his counterparts at other financial $35,115 commode and a pair of curtains institutions like Goldman Sachs and Citi- costing $28,091. Even the waste paper bin group announced that they would forgo cost $1,405. personal payouts, Thain backed down. Although in previous years such Probably the final straw for his new extravagance would have passed largely owners was the discovery that Thain was unremarked, in 2008 the writing was planning to lead a Merrill delegation to the clearly on the wall for the troubled Wall recent World Economic Forum in Davos. Street giant but “superThain” – minus the His proposal to take over a hotel and offer X-ray vision obviously – behaved as if he lavish receptions for the press and banquets GIVE US was in utter denial. for other opinion leaders were in stark con- Merrill’s final catastrophic quarter as an trast to the Bank of America’s own plans for A BREAK independent entity resulted in a staggering a single cocktail reception. $15.3bn deficit as a result of its continuing His sacking in January was brief and to IBOA’s Breakaway programme – offering exposure to toxic derivatives and bad mort- the point – during a 15-minute meeting short holiday breaks at leading hotels in gages. with BOA chief, Kenneth Lewis. The one- Ireland at special discounts to IBOA time Goldman Sachs executive and former members – has been extended with the Lifestyles of Chief Executive of the New York Stock addition of ten more hotels. Exchange is apparently having trouble find- For a full listing of all 40 hotels ing a new employer. According to the Wall participating in the scheme, log on to the the rich and Street Journal, a friend described him as IBOA website at www.iboa.ie/services/ “radioactive” – an approporiate description discount/hotelbreaks.html shameless in view of the highly toxic financial products which laid Merrill low.
10 IBOA - THE FINANCE UNION 2009 june NEWS British bosses target working IBOA MEMBERS’ mums for sack BOAT FISHING
The number of pregnant women and new TOURNAMENT mothers losing their jobs in Britain has grown at an “alarming” rate since the onset of the recession as employers select them for redundancy in preference to colleagues without children, according to an alliance of campaign and support groups. The Alliance Against Pregnancy Dis- crimination in the Workplace has noted that there has been a sharp rise in the number of women calling helplines or seeking legal advice because their jobs have been termi- nated during maternity leave or pregnancy. “It appears that some employers are using the recession as an excuse to break the law on discrimination,” says the alliance. About 30,000 women are estimated to lose their jobs each year in Britain as a result Cleggan Co. Galway Saturday September 12, 2009 of pregnancy, according to the Equality and Human Rights Commission. However, the economic downturn is expected to result in a significant increase in that number. Species Competition* Weigh-in at Oliver’s Bar Cleggan Briefly… Prize-Giving Dinner: Prizes for Overall Winner, Runner-Up, Best Fish and more Tackle Hire Available, If Required Cost per person sharing for 2 nights B+B, fishing and dinner staying at: Sharamore House ¤170 www.sharamore.com Foyle’s Hotel ¤195 www.foyleshotel.com
To book a place, please contact John or Sue Brittain at Bluewater Fishing Credit card and IBOA number required at time of booking. E-mail [email protected] Phone: 095 21073
* The competition will be a species competition fished over one day and each competitor will bring to the scales the heaviest fish of each species that he or she catches. In the event of tied number of species the winner will be decided by the total weight of his/her fish. The weigh-in will take place at Oliver’s Bar CHECK and will be supervised by the Western Regional Fisheries Board. OUT OUR SMALLS IBOA members’ small ads – including holiday apartments to rent or buy – are online at on the IBOA website at www.iboa.ie/services/smallads.html IBOA members can advertise on the site for free by using the ‘Contact Us’ form For all details regarding rules, etc, please contact John Brittain by email at at www.iboa.ie/contact/ [email protected] or phone 095-21073 or 086-2779622.
IBOA - THE FINANCE UNION 11
Taking office at one of the most difficult periods in the history of IBOA, our new President, Margaret Browne, is only the second woman in the Union’s history to hold the office – the first being Susan Bustard in 2003- 2005. Margaret took up office at the Union’s recent Biennial Delegate Conference with the unanimous endorsement of the delegates. Margaret is uniquely qualified for the post – having served two terms on the Executive Committee representing staff in two different banks – the first from 1974- 1992 as an employee of AIB and the second from 2007 onwards as an employee of Bank of Ireland. A native of Tipperary, Margaret began her career in banking at the Provincial Bank in Waterford in 1969. From 1970 to 1974 worked in AIB in Finglas where she served as the IBOA Representative. In 1974, she transferred into Branch Implementation, where she was again the IBOA Representative for the next fifteen years. In 1974, she was also elected to the Executive Committee of the Union – serving continuously until 1992. For ten of those years, she also served as an honorary officer on the Executive Committee as Women’s Representative. A veteran of three major industrial disputes – the strikes of 1970, 1976 and 1992, Margaret also served as President of the Irish Conference of Professional and Service Associations (ICPSA) – to which IBOA is also affiliated. In 1992 Margaret took a break from mainstream banking. After brief part-time roles in both ICS Building Society and First Active, she was employed by Bank of Ireland in 1998 initially on a temporary basis and subsequently as a permanent IBOA President, Margaret Browne employee. Margaret has also been very active in the Irish Bankers’ Club as a committee member for many years and is currently its Vice Chair. Madame President “IBOA has been a huge part of my life for many years,” Margaret told Spectrum. “IBOA has never been more necessary “The answer, of course, is: “One piece “I have been lucky to have been able to for staff in the financial services sector than at a time!” engage so actively in the affairs of the Union it is now. The crisis in our industry is of “That’s how we will face all of these because of the patience of my husband, unprecedented proportions. Some people challenges. We will work our way through Dan, and my son, David, who have shown have asked me if I am intimidate or over- them with patience and determination: we remarkable understanding and have recog- whelmed by the sheer scale of the crisis. won’t be overwhelmed. We will strive to nised the important role the Union plays – “I am reminded of the old question protect our members’ jobs and to achieve and the necessity for volunteer activists to about another seemingly impossible task: the best possible terms and conditions for sustain it. ‘how do you eat an elephant?’ all members in the circumstances.”
IBOA - THE FINANCE UNION 13 ULSTERBANK june 2009 Members back new terms for restructure
IBOA members in Ulster Bank and First Active have backed the final terms for the restructuring of the Group – recommended by the mediator along with other terms secured by the Union – by a substantial majority in a recent ballot. The final package secured improve- ments in the severance terms originally offered by the Bank as well as the inclusion of an early retirement option for limited The IBOA’s Ulster Bank Executive Committee: (from left) front: Jaynette Stirling, Kerry numbers of staff. Christie, Catherine Maher; back: Tommy Kennedy, Fergus Reynolds and John Burns. The agreement also copperfastened the Information meetings voluntary nature of the severance and early Pay issues referred Members of IBOA’s Ulster Bank Executive retirement arrangements – as well as Committee – supported by the Union’s specifying the framework for any redeploy- Senior Industrial Relations Officer, Steve to mediator ments or transfers of continuing staff – Tweed, and General Secretary, Larry along with appropriate appeals procedures. Broderick, have now concluded a follow- In its pursuit of the outstanding issue of pay, The redundancy and early retirement up series of meetings with IBOA members. the Union has urged senior management to schemes are now closed to applications. Over thirty local meetings have been address the ongoing need for an increase for The Bank is processing applications in line held since the Bank’s restructure plans were 2009 as well as contractual obligations such as with the mediator’s recommendation. announced. Generally well attended, the PEF/performance rewards and increments. meetings offered members throughout the Basic pay rates in Ulster Bank have Implementation Ulster Bank network an opportunity to raise traditionally been lower than those of their Following the conclusion of the One Bank issues and concerns. rivals – with enhanced payments from the negotiations, Ulster Bank has announced profit share scheme providing a necessary several detailed restructuring plans in areas The full text of the recommendation –as well top-up. Since RBS has announced that the including Wealth, Bancassurance, Risk and as a commentary and other recent IBOA profit share scheme has been discontinued, HR. The Bank has committed to engage with :communications – is available online at the Union is seeking compensatory measures. IBOA in all or any such announcements in www.iboa.ie/ulster-bank/ In view of the significant differences the future. between the positions taken by the Union IBOA has also challenged the Bank in and the Bank, it has been agreed that these some parts of the business where members matters should now be referred to a third have been told that they will have to enter Overtime must be paid party mediator for consideration. The Union into a selection process for their existing is advising members not to co-operate in jobs in variance to the agreement. The recurring issue of unpaid overtime in setting PEF targets for 2009-10 until the issue In the meantime, members in any area Ulster Bank has been consistently raised of the payment of PEF awards for 2008-9 where restructuring announcements arise with management by IBOA. has been resolved satisfactorily. should contact IBOA for advice if required. In Retail, senior management has IBOA will continue to issue relevant up- made a commit ment that, where over- dates to all affected areas where the Bank time is authorised, it will be paid in line Managing Sickness has identified plans to restructure. with existing agreements. Following reports from members, IBOA IBOA has expressed concern to manage- has highlighted to management a number ment over the significant rise in complaints of branches with problems of unpaid from members on sick leave about “harass- Business as usual overtime. In response the Bank has made ment” by the Bank – including frequent the due payments. contact by phone and an increasing ten- IBOA continues to engage with senior man- Any members in a branch where dency to make home visits and send text agement on the range of ‘business as usual’ overtime is being worked but not paid messages. This is of particular concern to issues affecting members in Ulster Bank. should ask their local IBOA Rep to con- members off work with work-related stress. Members should log on to the Ulster Bank tact the Union to take the matter forward. Any member who is affected by this section of the IBOA website where updates, In the meantime the message is simple: issue (or any line manager members con- circulars and briefing documents are posted members should not work overtime un- cerned at being asked to contact staff out on a regular basis – www.iboa.ie/ulster-bank/ less it has been authorised for payment. sick) should contact IBOA for advice.
14 IBOA - THE FINANCE UNION 2009 june DANSKEBANK NIB moves on some aspects of pay
IBOA members in National Irish Bank are currently balloting on the outcome of the recent negotiations between the Union and senior management on Danske Group employee and management representatives from around Europe a number of issues including the took part in the worker participation seminar in IBOA House last month. implementation of the National Wage Agreement; and the honouring of increments, performance payments Enhancing worker participation and the 4% bonus payment already agreed. in the Danske Bank Group The Bank has agreed to pay incremental wage increases for all eligible employees with effect from April 1, 2009. The full text of the agreement – as well as A major seminar on worker participa- Senior management has also agreed to other IBOA communications for members tion for Danske employee and man- pay performance-related pay with a focus : in National Irish Bank – is available at agement representatives from around on performance pay increases for pre- www.iboa.ie/national-irish/ Europe was held in IBOA House, management staff with effect from April 1, Dublin last month. ment has committed to pay it when the 2009. This issue is to be reviewed before The seminar also provided a most Bank returns to profitability. December 31, 2009. welcome opportunity to discuss trans - As for the National Wage Agreement, Management has also provided IBOA national co-operation between the employee the two sides have agreed to await the out- with a commitment that if any restructuring representatives and consultation with man- come of the talks currently taking place of the Bank is necessary during 2009 which agement of Danske Bank Group. between the social partners at national would involve a reduction in staff numbers, level. Once these have concluded, further then any job losses will be managed After several acquisitions and mergers, discussions will take place between IBOA by agreement with IBOA and through a Danske Bank Group now employs staff in and the senior management. voluntary process. twelve different countries. The Sharing Success Organisational The Union’s National Irish Bank Decisions made at Group level are being Payment – which was agreed between the Executive Committee regards this as an applied across national borders to an Bank and IBOA in 2007 and would be important commitment given the current increasing extent – affecting staff in many worth an extra 4% of salary – cannot be difficulties within both the financial services countries. paid at the present time. However, manage- sector and the wider economy. Apart from IBOA which represents members in Northern Bank and National Irish Bank, other trade unions participating at the seminar included: – Danske Kreds, representing members in Danske Bank Denmark, – Suora, representing members in Sampo Bank, Finland, – Finansforbundet i Fokus Bank, represent- ing members in Fokus Bank, Norway, and – Finansforbundet i Danske Bank, Sverige, representing members in Danske Bank, Sweden. IBOA’s Danske Bank Group Officer, Robert Thompson, said the event had been useful at a number of levels. “Apart from improving the level of un- derstanding of EU legislation on worker participation,” he said, “the seminar had Staff in Customer Direct in Northern Bank took part in a quiz night in the Belfast Bankers’ Club last also enabled representatives to exchange month to raise funds for the Northern Ireland Cancer Fund for Children (NICFC). Organised by the Social experiences and ideas – which should Committee in Customer Direct, the quiz was the culmination of a day of activities involving a dress enhance cohesion among Danske staff in down day in work, a raffle and hot dog sales – which raised over £900. The Bank has pledged to Europe.” match all funds raised. Pictured above are the winning quiz team of William Watt, Conor McComb, The seminar was supported by the EU Catherine McGurk and Mark Johnston. Commission.
IBOA - THE FINANCE UNION 15 IBOANEWS june 2009
to eight weeks’ pay (with no upper limit and ClearCo staff a minimum threshold of £1,000). Senior Industrial Relations Officer, Steve win improved Tweed, said that the Union’s claim for improved redundancy terms had been underlined by the determination of the severance terms members who had voted unanimously to back industrial action. IBOA members at ClearCo in Belfast “Since this is effectively a compulsory have secured substantially improved redundancy because ClearCo is closing severance terms – having earlier down with the work (clearing cheques for served notice of industrial action after Bank of Ireland and AIB) being transferred a 100% strike ballot. to Dublin, our members are entitled to With notice due to expire on Monday, generous settlement terms. June 15, new terms were brokered with the “The proposed terms provide for a assistance of an independent third party, significant improvement on what was orig- Mr. Liam Deane, on Friday June 12. inally on offer from management. So our Under the proposals which staff are to be members decided to suspend the industrial balloted on as we go to press, members will action so that a ballot on the proposals now receive 5.5 weeks’ pay for each year of could be held. Management in turn agreed service (with no upper limit) – together with to suspend the migration of work to Dublin Senior Industrial Relations Officer, a co-operation bonus payment equivalent while the ballot is being held.” Steve Tweed Election for IBOA District Secretaries Carillion staff secure The election of IBOA District Secretaries pay rise in the major financial institutions is now under way. District Secretaries play a key co-ordinating role –ensuring that IBOA reps are supported in the work place with advice IBOA members in Carillion have re- and information. ceived the first phase of the second Nominations were sought last month module of the Republic’s National with the result that a total of 104 District Wage Agreement, Towards 2016. Secretaries were elected unopposed. Con- Staff received the 3.5% increase with tests are set to take place in five locations: effect from April. A further 2.5% increase • Cork (Bank of Ireland South Region) is due in October. • Direct Banking (AIB Midlands Region) Management has also given a commit- • Galway (AIB North West Region) ment to hold another pay review in January • Limerick/Clare (AIB South West Region) 2010. • London, North & East Region (Allied IBOA Senior Industrial Relations Irish Bank GB) Officer, Gerry Hanna, said the outcome of negotiations was a very positive develop- As no nominations were received in a ment for our members working for Carillion further 12 locations, the Union’s Executive in the Republic of Ireland – “not least Committee will consider further steps to because these pay improvements exceed fill these vacancies. Senior Industrial Relations Officer, the level of increase for Carillon employees “With the current crisis in the financial Gerry Hanna in the UK.” services sector, it is essential that we have a fully functional representative structure in place,” said IBOA’s Honorary Secretary, Tommy Kennedy. Special offer for CRUNCHIN IBOA members – 10% off all NUMBERS general dentistry The value of deposits (in Visit www.smiles.ie for details or call your billions of euros) in Anglo nearest clinic at the phone number below: Irish Bank which is covered by the State guarantee Cork: 021-4274706. Galway: 091-575007. 64 scheme in the Republic. Dublin 1: 1850-323323. Dublin 2: 01-6728938.
16 IBOA - THE FINANCE UNION 2009 june IRISHNATIONWIDE Irish Nationwide staff start to get organised with IBOA
A substantial number of staff in the Irish Nationwide Building Society have now joined IBOA The Finance Union. Although the building society has been traditionally non-union under the extremely personalised style of management of former Chief Executive, Michael Fingleton, staff at Irish Nationwide have taken advantage of the new circumstances that have emerged since the introduction of the State guarantee on deposits and loans. With the society’s future rather more uncertain as a result of the level of impaired loans on its books, staff consider that they need the protection of a strong trade union. According to some estimates, up to 80% of Irish Nationwide’s loan book may be tied to commercial loans – which may come under the aegis of the National Asset Man- agement Agency (NAMA). for the future of the society as a whole and – namely to finance the purchase of homes If the day-to-day management of a their own prospects within it,” said Union for ordinary house-buyers,” he noted. significant proportion of these impaired General Secretary, Larry Broderick. “IBOA will strive to ensure that the loans was to be transferred away from Irish ‘The society has been left in a rather interests of our members in Irish Nation- Nationwide, it could have a profound impact precarious position as a result of the policies wide are fully protected – now and into the on employment levels in the building society. pursued by management in the past – an future,” he added.”The Union has written “Our growing membership in Irish approach that seems to have been a far cry to the society’s new Chief Executive, Gerry Nationwide are entitled to feel concern from the primary purpose of a mutual society McGinn, seeking an early meeting.”
IBOA - THE FINANCE UNION 17 AIBGROUP june 2009 AIB staff back interim mediation proposals
IBOA members in AIB Group in the Republic deferral of six months. The parties should of Ireland have voted by a substantial engage in a further review of Career Frame- majority to accept the recommendations work to be concluded before the end of from Kevin Foley of the Labour Relations December 2009. Commission (LRC), on a range of issues This was a significant breakthrough which had been the subject of protracted in light of the Bank’s prior stance that no negotiations between the Union and the contractual obligations, increments, per- Kevin Foley, Director of Conciliation Bank’s senior management. formance-related pay or Career Path payments to the Labour Relations Commission Similar proposals from the Labour should be paid for a period of two years. Relations Agency (LRA) in Northern Ireland addressed with management including: have been endorsed by members in First Pensions — Review of profit share Trust Bank – while the ballot on proposals The issue of pensions should be separated — Staffing from ACAS in Great Britain has yet to be from the pay negotiations. Detailed discus- — Minimum Competency Requirement concluded pending the need to clarify the sions should take place between the parties — Management’s unilateral decision to Bank’s interpretation of one element. on the complex issue of the AIB Pension amend bank holiday payments for part- At the end of those negotiations the Scheme with comprehensive information time staff Bank’s senior management had proposed: to be made available to the Union to assist — Absence Management • a two-year pay pause; the negotiations – and with progress on — Managers’ pay • a mandatory 5% contribution from staff these negotiations to be evaluated by the — Review of the culture in AIB not already making contributions to the independent third party in four weeks’ time. — Relationship between IBOA and the Bank's Defined Benefit Pension Scheme; Since the proposals were endorsed by new management team and the Union’s members in AIB, engagement — Implementation of existing agreements. • changed pension benefits for all staff. has begun on the pensions issue. IBOA has According to the mediation proposals both The Bank’s management had also failed to requested detailed information for analysis sides should resolve this agenda by December respond positively to Union demands for: by the Union’s pensions advisers. 2009. • a meaningful commitment to job security; Although the Union’s AIB Executive • payment of the National Wage Agree- Job Security Committee considered that the proposals ment or contractual obligations; and No compulsory redundancies should take did not fully address all of the issues, it • resolution of other outstanding issues. place in the Bank during 2009. Any redun- regarded them as an interim arrangement dancies that may be required in that period which would represent significant improve - IBOA members in all three jurisdictions should be implemented on a voluntary ment on the Bank’s position and the best overwhelmingly rejected the Bank’s pro- basis in line with IBOA's agreed negotiating that could be achieved without recourse to posals and mandated the Union’s AIB procedures and with the partnership prin- industrial action at this juncture. Executive Committee to pursue these issues ciples between the Bank and IBOA. Since the management negotiating team through the various independent concilia- had agreed to recommend the proposals to tion agencies –the LRC, the LRA and ACAS. Outstanding Issues their superiors, IBOA decided not to pro- Following further submissions from both During recent months IBOA had tabled ceed with its threat to make an intervention IBOA and AIB management, the Director of a number of outstanding issues to be at the Bank’s EGM/AGM last month. Conciliation to the Labour Relations Com- mission, Kevin Foley, put forward a series of proposals for consideration. Similar pro- posals were also forthcoming from the Labour Relations Agency and ACAS. The key elements of these proposals were:
National Wage Agreement in Republic Both parties should re-convene at conciliation in four weeks to assess the environment in relation to the payments due under the National Wage Agreement, (i.e., 3.5% due from November 1, 2008 and a further 2.5% 10% discount on any mobile phone or due from May 1, 2009). mobile accessory for IBOA members Contractual Obligations/Increments AIB should pay all increases due under in the Republic of Ireland. Career Framework, performance-related pay, Career Path and increments after a
18 IBOA - THE FINANCE UNION BANKofIRELAND Staff reject Bank’s stance and refer issues to mediator
IBOA members in Bank of Ireland Re- public of Ireland, Northern Ireland and Great Britain have overwhelm- ingly rejected the senior manage- ment’s proposals on pay, job security, pensions, recognition, culture and other outstanding issues – which had been the subject of negotiations be- tween the Union and the Bank. Following the decisive vote in the con- sultative ballot on the Bank’s final position in the talks, the Union has now referred the issues to the agreed independent mediator, Mr. Mark Connaughton, Senior Counsel.
Pay At the conclusion of an extensive round of talks between IBOA and Bank of Ireland senior management, the Bank had indicated that, because of its current financial position, it did not intend to pay increments, perform- ance rewards or cost of living increases even though staff had made a major positive con- tribution to the business. IBOA had argued that the Bank’s position would effectively amount to a twelve- Senior Counsel, Mark Connaughton – independent mediator month pay freeze for non-managerial staff. Such a move would be a breach of the Collective Bargaining had summarised the Bank’s approach as National Wage Agreement in the Republic IBOA had sought recognition for collective “opportunistic in using staff’s contractual of Ireland, unacceptable in Northern Ireland bargaining for all groups of members and other pay entitlements to reduce and Great Britain and would fundamentally employed in Bank of Ireland – including costs at a time when staff are under severe undermine the contractual arrangements managerial staff. The Bank had refused to pressure financially and otherwise.” for existing staff. accede to IBOA’s request to seek collective With the overwhelming majority of bargaining for managers and other groups members having agreed with the Executive Job Security and Culture not formally recognised for collective bar- Committee’s assessment, the focus now While senior management had indicated gaining purposes. moves to the independent mediator, Mark that it had no plans for any job losses at this In putting the senior management’s Connaughton, who will now consider the time, it had declined to conclude a Job position for consultative ballot by members, submissions made by the two sides and Security Agree ment with IBOA which would IBOA’s Bank of Ireland Executive Committee issue settlement proposals. have guaranteed no compulsory redundancies over a reasonable time-frame. No award recommended for Staff Stock Issue IBOA had argued that the Bank has a responsibility to its staff to conclude a Job The agreed independent arbitrator, Mr. Kieran Mulvey has recommended that “it would Security Agreement. While the Union recog- not be in the overall medium interest of the Bank and its employees to award a staff nised that some restructuring may have to stock issue in 2009.” be negotiated in the Bank, the least our members would expect is a commitment Under the terms of the Cost and Capa- While rejecting payment of an award from management that any job reductions bility Agreement – a four-year restructur- this year, Mr. Mulvey’s recommendation would be implemented on a voluntary basis ing programme originally agreed in 2005, did underline the importance of co-operative in line with existing agreements. Mr Mulvey is the final arbiter on the gain- engagement in times of great difficulty and IBOA had also argued strongly that the sharing element. uncertainty in the financial services sector. culture in Bank of Ireland was in need of “We are naturally disappointed that the He urged the parties to “consider how such fundamental change and that the Bank outcome of the process has not delivered a positive engagement could be con- should re-evaluate its approach to pay, more for our members,” said IBOA General structed for these uncertain times ahead, performance management and target- Secretary, Larry Broderick. where significant change management setting in order to create a more acceptable “So it is vital, that the Bank responds issues are inevitable and where staff will operating environment. positively to the range of outstanding be required to contribute to ongoing Management had stated that there was issues – which have now been referred to change in the future.” no need for any change in the culture in the the agreed independent mediator, Mark The full text of Mr. Mulvey's recommendation Bank since the current problems had nothing Connaughton, for detailed consideration,” : is available online on the IBOA website at to do with organisational culture. he added. www.iboa.ie/bank-of-ireland/
IBOA - THE FINANCE UNION 19 UNIONGUIDE june 2002009 EXECU COMM 2009-
The Executive Committee con Elaine Barker Dominic Boyd Irene Breen Brendan Hannon together with the General Secr Bank of Ireland Bank of Ireland Bank of Ireland Bank of Ireland are colour-coded according to NORTH-WEST BELFAST DUBLIN DUBLIN represent. The seven member (Sligo) (Belfast) (Dublin Retail) (Dublin Depts/Bus) make up the Officer Board alon
Mairead Kelleher Stephen Kennedy Ciaran Mahon Dave Keane Margaret Browne Bank of Ireland Bank of Ireland Bank of Ireland Bank of Ireland Bank of Ireland SOUTH-WEST SOUTH DUBLIN SOUTH-EAST DUBLIN (Tralee) (Cork) (Dublin Depts/Bus) BOI Group Officer President
Margaret Power Liam Ross Kerry Christie John Burns Tommy Kennedy Bank of Ireland Bank of Ireland Ulster Bank Ulster Bank Ulster Bank GREAT BRITAIN OUTSIDE BELFAST BELFAST OUTSIDE BELFAST DUBLIN (London) (Banbridge) (Belfast) UBG Officer Honorary Secretary
Ger Rowan Tom Ruttledge Catherine Maher Fergus Reynolds Jaynette Stirling Bank of Ireland Bank of Ireland Ulster Bank Ulster Bank Ulster Bank DUBLIN MIDLANDS DUBLIN OUTSIDE DUBLIN BELFAST (Dublin Retail) (Portlaoise) (Dublin) (Cavan) (Belfast)
BANK OF IRELAND GROUP ULSTER BANK GROUP
20 IBOA - THE FINANCE UNION 2002009 june UNIONGUIDE UTIVE MITTEE -2011
nsists of 38 elected members Robin Bell Carmel Curran Roger James Tom Lydon etary (ex officio). The members the financial institutions they First Trust Bank First Trust Bank AIB Bank AIB Bank s enclosed by the dotted line BELFAST OUTSIDE BELFAST DUBLIN SOUTH-WEST ng with the General Secretary. (Belfast) (Derry) (Dublin) (Newcastle West)
Jessie Doherty Claire Walsh Sharon McAuley John O’Gorman Michael Ryan AIB Bank AIB Bank First Trust Bank AIB Bank AIB Bank NORTH-WEST MIDLANDS BELFAST DUBLIN GREAT BRITAIN Hon. Finance Officer AIB Group Officer (Belfast) (Dublin) (London)
Robert Thompson Pat Carson Moya Cotton Etain Ryan Lyons Ursula Tighe Northern Bank Northern Bank Northern Bank AIB Bank AIB Bank OUTSIDE BELFAST BELFAST OUTSIDE BELFAST DUBLIN SOUTH Danske Group Officer (Belfast) (Dungannon) (Dublin) (Cork)
Eileen Gorman Chris Cavanagh Fionnuala Duignan Kate Varley Gerard Watson Northern Bank National Irish Bank National Irish Bank AIB Bank AIB Bank BELFAST DUBLIN OUTSIDE DUBLIN DUBLIN SOUTH-EAST (Belfast) (Dublin) (Athlone) (Dublin) (Waterford)
DANSKE BANK GROUP AIB BANK GROUP
IBOA - THE FINANCE UNION 21 IBOANEWS june 2009 Delegates back major shift in banking culture
Delegates to IBOA’s highly successful • Exclusion of private equity companies Biennial Delegate Conference have given from any position of influence within their backing to a programme of fundamental the banking sector; changes to restore integrity to the financial • Detailed clarification of the role and services sector. These changes include: operation of NAMA before IBOA co- • A Commission on Banking to set out operates. the future of Irish banking; Union General Secretary, Larry Broderick • A major reconstitution of the boards of also urged the financial institutions to do all banks; more to support customers – and especially • A fundamental change in culture of mortgage holders facing into redundancy – Irish banking; while staff should be given assurances • A review of performance-related pay in about the protection of pay, jobs and terms all banks; and conditions of employment • The introduction of legislation to pro- “IBOA demands to be involved in all IBOA General Secretary, Larry Broderick, tect whistleblowers; discussions in relation to National Asset addresses the Union’s recent Biennial • Enhancement of stricter standards of Management Agency and will not be co- Delegate Conference in Dublin. corporate governance; operating with any aspect of NAMA until • The retention of AIB and Bank of Ire- our members’ needs are addressed," said An extended report on IBOA’s Biennial land as independent entities; Mr. Broderick. : Delegate Conference was circulated to • IBOA's direct involvement in future IBOA delegates were determined to members through local IBOA Reps. If you change in our industry; push for a fresh start for the industry – • Elimination of tax havens; based on a new culture which placed the missed it for any reason, you can view it at • Stricter regulation of Credit Ratings interests of customers and staff ahead of the www.iboa.ie/conference/bdc/2009.html Agencies; narrow pursuit of ever-increasing profit.
CLUB Bar openInG HoUrS: THe IrISH BankerS’ CLUB Tuesday-Saturday – 4.30pm till late. IBOA HOuse, stepHen street upper, DuBlIn 8 Sunday-Monday – closed.
Having a Party Forthcoming Club in 2009? Draw Nights
1st Prize Two week holiday for two. Call the Bankers’ Club for our special rates for room hire – up to 2nd Prize – E300. 120 people can be accommodated in comfort in our bright 3rd Prize – E250. modern bar. 4th Prize – E200. DJ and catering facilities available on site. Call 01-4758970 Draws take place at 9pm. Bar food served 5pm-9pm 10am-12 noon or after 5pm or leave a voice message any time. Friday June 26: 1st Prize – Holiday to Algarve THE PERFECT PARTY VENUE Friday July 24: 1st Prize – Holiday to Bulgaria
Results of recent Bankers’ Club monthly draws are posted on the IBOA website: www.iboa.ie/services/sportsandsocial/bankersclub.html
22 IBOA - THE FINANCE UNION 2002009 june IBOANEWS Freeze on Union dues
Union subscription rates – which were due to rise this year in line with a previously agreed formula based on annual movements in the consumer price index – are to be frozen at their 2008 level, the Union’s recent Biennial Delegate Conference in Dublin has decided. In an emergency motion, delegates backed a proposal from the Union’s Executive Committee that the Union should forego the increase due in 2009 and hold the current subscriptions rates which were applied in 2008 until 2010. The Union’s Honorary Finance Officer, Jessie Doherty, said that the Executive Com- mittee was acutely aware of the financial pressure many members were facing while recognising at the same time that the Union’s own finances were still sufficiently robust to be able to absorb the loss of this previously budgeted income.
Don’t forget… EU unions aim to reduce inequality in banking
Recent EU Directives have extended pro- The deliberations of the project team – tection from discrimination for workers to especially in relation to best practice models – new areas of the employment relationship. were also assisted by the participation of the At the same time the new measures have relevant human resources staff from Banca been introduced in the EU aimed at making Popolare di Milano. the job market more flexible. A number of In addition to the description of the European trade unions have been examining relevant legal and contractual framework, the extent to which these new measures and the study’s methodology and results, the are compatible with the EU’s equality laws – final report also provides useful recommen- particularly in the financial services sector. dations for equality-proofing consultation DAY OUT The NORMA research project included and negotiation practices within the financial a detailed examination of existing anti- services sector. AT DUBLIN discrimination agreements between employers As well as IBOA the Finance Union, the and unions in the financial services sector. following unions participated in the project: The analysis from each of the participating ETYK (Cyprus), FeS/UGT (Spain), Fiba/ ZOO countries was discussed at a two-day meet- CISL (Italy), Finansforbundet (Denmark), ing in order to share knowledge and expe- FTUFS (Bulgaria), INE-OTOE (Greece), IBOA’s annual Family Day at Dublin Zoo rience with the aim of producing guidelines UNITE (UK), Ver.di (Germany) and the UNI takes place on September 5, 2009. On for trade union and employer negotiators. Global Union Federation. The project was production of your IBOA membership In particular, the project aimed to offer co-ordinated by FABI (Italy). card, Union members will be entitled to a practical framework to enable negotiators free admission at the main gate for two to identify elements within agreements that adults and four children or one adult and For more information on the project, go could be discriminatory under EU law (often to www.normadialogue.com/home.html five children. unintentionally so) and eliminate them. :
IBOA - THE FINANCE UNION 23 SPORTS&SOCIAL june 2002009
The Manchester United and City teams warm up before the kick-off at Old Trafford. At home with Premier League champions The statue of Best, Law and Charlton outside the ground The Union’s Sports and Social Committee managed to combine both elements of their remit recently in the form of an English Pre- mier League weekend. While the highlight of the trip was the Manchester derby at Old Traf- ford between United and City, the scheduling of this game for Sunday to suit the television broadcasters meant that the weekenders could also take in the match between Bolton Wanderers and Sunderland at the Reebok Stadium on the Saturday. Arranged through Celtic Horizon Tours, the itinerary also provided opportunities for shopping at the Trafford Centre in Manchester as well as some sight-seeing – while accommodation for the two nights away was in the four-star Marriott Hotel near Manchester Airport. With every member in the travelling party thoroughly enjoying the IBOA Executive Committee member, Liam Ross, weekend experience, further sporting weekends are likely to feature in the with his son, Conor, at Old Trafford. Sports and Social Committee’s programme in future. Glennon’s Car & Home InsuranCe offering a range of discounts exclusive to IBoa members in the republic of Ireland, northern Ireland and Great Britain. Telephone: 00353-1-7075999 email: [email protected] Web: iboa.glennons.ie
24 IBOA - THE FINANCE UNION 2009 june SPORTS&SOCIAL
Arbeit macht frei: Work will set you free – the Nazis’ cynical slogan on the gates of the Dachau concentration camp near Munich. Don’t be afraid to mention the War
Robin Bell reports on a recent IBOA Sports and Social Committee trip from Belfast to Bavaria where the authorities are remarkably frank about the region’s tragic past
The early morning alarms started to ring at lots of sunshine and a few tankards of chambers towards the incinerators was around 4.00am for those on the red eye German beer! very moving and brought tears to many flight to Munich on Saturday 2 May. As well as the usual city centre attractions, visitors’ eyes. Through bleary eyes, we all checked in and Munich has many places worth a visit in It was hard to believe that these atrocities after a mercifully uneventful flight, we the suburbs. Some of our group visited took place on European soil within the life- landed in Munich before 9.30am. the Olympic Stadium and the giant BMW time of our parents. With typical German efficiency the factory which were within 20 minutes of Our party was re-united for dinner in mini buses were all lined up, as soon as we our hotel. an excellent Italian restaurant – just a short left the terminal building, for the half hour The concentration camp at Dachau – an walk from our hotel. journey to the Munich Park. Our hotel was hour away by train – made an unforgettable Despite suggestions that Munich was beside the beer gardens and just a quick impression on all of those who visited. an expensive city, we found prices very tram ride away from downtown Munich. The German authorities are determined reasonable – especially for local transport. Despite earlier reports that there was to ensure that nothing is hidden and that The return flight to Belfast on Tuesday little to recommend Munich as a weekend the terrible atrocities that were perpetrated morning saw the group rather quieter than destination, everyone on our trip had nothing there are in no way sanitised. The museum we had been on the outward journey – but but positive comments about the city. at the camp details how prisoners were that could have had a lot to do with the last Of course, our positive disposition slaughtered after enduring appalling living few hours at the beer garden on Monday might have been due to the clear blue skies, conditions. The short walk through the gas night.
IBOA - THE FINANCE UNION 25 SPORTS&SOCIAL june 2009 2009 june
IBOA GOLFER of THE YEAR 2009 On the to one
Three days on the road and it was great. 120 riders covering 1000km for charity on some of the most picturesque biking roads on this island and in the process ¤150,000 was raised for Down Syndrome Ireland and – most importantly – everybody came home safe. Originally the brainchild of former IBOA Honorary Secretary, Michael McCormick – the event has been running for four years now and has so far generated over ¤800,000 for the charity. The figures are huge. 540,000 kilometres Men’s and Ladies’ of motorcycling to date for Down Syndrome Ireland (DSI) – equivalent to twelve times around Stableford Competition the earth. All types of bikes – big, small, new and old – with all ages of riders and pillion passengers took part in the RevUp4DSI challenge over the May Day holiday weekend this year. In order to take part in the event each rider was required to raise at least ¤1,000 and their pillion passengers ¤500 Glasson, Athlone, Co. Westmeath to take part in the event. Friday 21/Saturday 22 August 2009 At all the check points along the route, the Entry Fee: €50 (play only) or €160* riders met young people with Down Syndrome *includes two nights’ bed & breakfast and their families. It meant so much to the riders and dinner and prize presentation to see the children climb up and enjoy the bikes. on Saturday night Some lucky young adults even went for spins on motorcycles, too. IBOA Golfer of the Year Arguably the best charity motorcycle run in Ireland, the RevUp4DSI challenge combines the Name...... spirit of Down Syndrome, the brother hood of bikers and fun on the run. IBOA Membership No./Staff No.:...... Is this cool or what? Employer: ...... If you want to make a donation or find out Branch/Department:...... more about next year’s event, please contact RevUp4DSI on 00-353-(0)1-4266525 or email Address for Correspondence:...... [email protected] ...... Men’s/Ladies’ Competition (delete as applicable) Handicap:...... (Maximum for men: 20; for ladies: 36) Cheque enclosed: €...... Please return to Anna or Louise, Sports and Social Department, IBOA The Finance Union, IBOA House, Stephen Street Upper, Dublin 8. Closing Date for Receipt of Entries: Monday 20 July 2009. Michael McCormick (left) stops for a quick bite.
26 IBOA - THE FINANCE UNION UNIONPEOPLE road million Motor-bikers raise ¤800,000 for charity in just four years
The final day’s ride was up the east coast of Lough Derg to the Portumna 4 Rolling through Limerick check point. Next was the road up through the Midlands and bog roads to Mullingar. Mullingar to Edgeworthstown – on then to Granard and Oldcastle Granard and back to Dublin is an awesome motorcycle road. Oldcastle Edgeworthstown 3 Sunday was a spectacular day on bikes. West Clare in the sun is fantastic. Kilkee to Mullingar DUBLIN Ballyvaughan on the coast road start/Finish is one of the best biking roads in Ireland. We saw it at its very best. We had a wonderful Ballyvaughan 1 Riders gathered at Garda escort through Limerick Joe Duffy Motor- with a mile of motorcycles for Portumna rad in Finglas, Dublin Down Syndrome Ireland. and headed south through Wicklow, the garden county, visiting the towns of Laragh and Kilkee Aughrim heading for Wexford’s New Ross. Limerick The first check point of 10 over the three-day charity bike ride. New Ross Mitchelstown 2 After collecting our next route map, we headed for Mitchelstown through breathtaking scenery of the Knockmealdown Mountains and on through the Golden Vale to Limerick. There, the Strand Hotel was the base for the next two nights. Even though a little knot of Leinster supporters enjoyed their victory over Munster in the bar, the talk was all about the route, the roads and the bikes.
IBOA - THE FINANCE UNION 27 YOUTH june 2009 Getting down to business New Union Youth Committee meets for first time
The Unusual Suspects?: Members of the Union Youth Committee with Youth Secretary, Gareth Murphy, at the first meeting of the newly elected body.
Look us up… The newly elected IBOA Youth Com- IBOA. This information can then be used mittee met last month to consider its to improve the recruitment and induction campaigns programme in the light of of new members and ensure that the recent developments in the financial Union’s resources are used as effectively as services sector. possible. The Committee was addressed by both The survey should also reveal our the Union’s President, Margaret Browne, and members’ preferred methods of communi- the Honorary Secretary, Tommy Kennedy, cation and any training needs. This is one who provided updates on recent develop- of a number of surveys being conducted by ments within the major employers in the IBOA to ensure that we remain relevant, sector as well as industry-wide issues such accountable and efficient in representing as the creation of the Republic’s National employees in the financial services sector Asset Management Agency (NAMA). while also encouraging greater participation NAMA could have implications for all and involvement in the Union. of the financial institutions operating in the The rights card will provide informa- Republic as well as their subsidiaries in tion on a number of topics members have Northern Ireland and Great Britain. themselves highlighted. These include con- The Committee also considered a report tact details for the elected representatives at from Youth Secretary, Gareth Murphy, on the different levels, information on legal the recently held Youth Focus Group employment rights, policies and procedures which was organised to secure feedback in the various employments and much FAMILY from non-activist members on a range of more. The card will provide links to the topics including IBOA’s structure, work- IBOA website for detailed information. DAY AT place presence and communications. The Committee aims to distribute the In the course of the day-long meeting, card to ensure that members make the most Committee members put forward a number of the card. It may also encourage non- FOTA of proposals for initiatives to be undertaken members to join the Union. in the near future – including a survey of The Committee has also identified IBOA’s annual Family Day at Fota Wildlife future training needs for its members and Park, Little Island, Cork, takes place on new members and the launch of a Know Your Rights card linked in to sections of the has proposed holding a monthly telecon- July 4, 2009. On production of your IBOA ference among committee members to membership card, Union members will be Union’s recently remodelled website. entitled to free admission at the main gate The IBOA Youth survey of newly update everyone on developments. for two adults and four children or one recruited members aims to find out how For more information on the Youth adult and five children. and why they joined the Union and to Committee contact its Secretary at establish how much they know about [email protected]
28 IBOA - THE FINANCE UNION 2009 june LIFESTYLE DiD you know...
• By turning your thermostat Save down by one degree, you could reduce your gas bill by 10%?
• Aviation generates nearly as much CO2 per year as all the human activities in the whole of Africa?
• 40% of all heat lost in the home is through the loft and walls? Energy Money
• It takes 50% more energy to Earth manufacture 4x4s than most other cars?
Electricity costs are a large component of your household bills. In fact, the use of • Flushing the toilet with the lid up ejects an aerosol-like plume electricity in the home accounts for approximately one third of the total electricity of germs around the bathroom use in Ireland. But reducing your electricity use is actually very simple. Try the that float for up to two hours? top tips provided here over the next few weeks and months and see how much you can save the environment and save money at the same time. • 85% of the electricity consumed Lighting Heating and hot water by TVs and VCRs is used when 4 Switch off lights when you leave a 4 You should avoid using your im- they are on standby? room. mersion heater to heat water. If 4 Only switch on the lights you possible, use your central heating • The average mattress can house need. boiler instead. up to 10 million dust mites? 4 Use compact fluorescent lamps 4 Fit a lagging jacket on your hot (CFLs) instead of traditional bulbs – water cylinder to keep water hot • The average dish cloth contains they use only 20% of the energy for longer. a million times more bacteria and last up to 10 times as long. 4 If using electric heaters, fit with than a toilet seat? thermostatic controls. Kitchen • 43% of green- 4 Don’t overfill your kettle – only boil Home entertainment and house gas as much water as you need. electronic equipment emissions in 4 When using your washing 4 Switch appliances off rather than machine or dishwasher, wash full leaving them on standby. This will New Zealand loads as it is more efficient than save up to 20% of your appliance’s are caused washing two half loads. energy use. by flatulent 4 Washing at lower temperatures is 4 Configure your computer to sheep? more energy efficient. ‘Energy Saving’ mode. 4 When buying new kitchen appli- 4 Unplug your mobile phone and • Termites produce 20 million ances, choose ‘A’ energy rated digital camera chargers when tonnes of methane every year – appliances as they cost less to run. equipment has been charged. the gas is made in their gut by bacteria breaking down their Be energy aware : think of the planet – think of your pocket! food?
Between 5pm and 7pm demand for electricity rises very sharply. To meet this peak demand, • It takes ten times more energy less efficient power stations must be brought into operation. Being as energy efficient as to make a tonne of textiles than possible, particularly during these hours will help reduce unnecessary CO emissions and, 2 a tonne of grass? therefore, help combat climate change.
IBOA - THE FINANCE UNION 29 LIFESTYLE june 2009
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Sugar: Top Ten Worst Offenders (per 100g)
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• eircom PhoneWatch, Ireland’s leading home security experts • Protection 24 hours a day, 7 days a week Salt: Top Ten Worst • Extensive range of security solutions to suit Offenders (per 100g) your needs Tesco Special Flakes (2.0g) Kellogg’s Corn Flakes (1.8g) Kellogg’s Honey Loops (1.8g) Order now on 1850 500 900 Morrison’s Honey Nut Corn Flakes (1.8g) Whole Earth Organic Corn Flakes (1.8g) or log onto www.eircomphonewatch.ie Kellogg’s Rice Krispies (1.65g) Sainsbury’s Be Good To Yourself Balance (1.6g) Tesco Corn Flakes (1.6g) Remember to ask your PhoneWatch sales Kellogg’s Fruit and Fibre (1.4g) consultant about your IBOA discount Kellogg’s Bran Flakes/Sultana Bran (1.3g)
30 IBOA - THE FINANCE UNION 2009 june LIFESTYLE All sweetness and… salt!
Is it really a healthier start to the day?
Breakfast is often said to be the most Although sugar levels remained high, “Cereal manufacturers need to wake important meal of the day. But with some positive changes have been made in up to the fact that people want to eat only 8% of cereals getting a green light reducing salt content. healthily and provide them with the for healthy sugar levels, many people Nevertheless, 100g of Tesco Special means to do so by reducing sugar and salt are getting a poor start, according to a Flakes was still found to contain the same levels and making labelling clearer. With amount of salt as 100g of Walker’s Ready over a billion pounds spent on cereals every recent report from the British con- Salted crisps. year, it’s time they rose to the occasion.” sumer watchdog, Which?. The Which? researchers Adults and children have a xcluded hot cereals and mueslis hard job finding a healthy start om the study because, de- to the day, as cereal companies pite growth in sales in recent continue to add large amounts ears, they remain a small per- of sugar to their top brands. entage of the market overall. 31 of the 100 leading UK They looked at the amount cereals, analysed in the report, Few people would consider a Cadbury’s Flake as a suitable f fat, saturates, sugar and salt Going Against the Grain, con- breakfast. But Morrison’s Choco Crackles cereal has more sugar hat the 100 cereals contained tained more than four teaspoons per serving than the popular chocolate bar, according to Which?. nd applied the Food Stan- of sugar per recommended ards Agency’s traffic light la- serving and only one of the 28 p g y m where possible – using red, cereals specifically marketed to children report included confusing labelling, and amber and green symbols to show whether was found not to be high in sugar (but was questionable health and nutrition claims levels of these nutrients are high, medium still high in salt). allowing some companies to promote a or low. Morrison’s Choco Crackles topped the wholesome image for their b d They also considered how sweet mountain with more while failing to draw products are promoted, sugar per serving than a Cad- ttention to the high h a particular focus on the bury’s Chocolate Flake, fol- ugar or salt content. of marketing techniques lowed closely by Kellogg’s “Breakfast is impor getted at children and any Coco Pops Moons and Stars, ant, and some cereal rition or health claims Frosties and Ricicles which eserve their health were 37% pure sugar. de on their behalf. mage, but most simpl Many brands which are Compared to a similar widely considered to be healthy on’t,” said Sue Davies ich? study of 275 cereals – like Kellogg’s All Bran, Bran Chief Policy Adviser a ee years ago, the new Flakes and Special K – did little Which?. “It’s especiall ort found that there has to bowl over Which?researchers. hocking that almos n some modest improve- Starting the day with Special ll those targeted a nts – especially in reduc- K, for example, would be almost hildren are les salt levels. However, it the sugar equivalent to waking ealthy. With such n still be a struggle to find up to a bowl of Tesco’s Dark Tesco Special Flakes: ttle choice, it’s a dail Nestle Cookie Crisp: ealthy covenient choice Chocolate Fudge Cake Ice Cream. saltier than the rest struggle for consumer high in sugar the first meal of the day.
IBOA - THE FINANCE UNION 31 LIFESTYLE june 2009 Stay Safe IN THE
OnSun holiday, our skin is much more exposed Make sure to re-apply sun cream after to the elements, with the effects of the swimming. Of course, extra protection like sun and the wind taking their toll. Normal sunglasses, a hat and t-shirt are always a Out of the Sun! skincare products are not enough and the good idea. If you're home from the beach and out of skin needs additional moisturisation and the sun, your skin no longer needs protec- revitalisation. tion, right? Wrong. Because free radicals Children in the sun need the highest generated by exposure to the sun continue protection. With summer holidays and Be Sun Smart! their harmful action even after you plenty of outdoor play, childhood You should try to avoid pro- withdraw from the sun – rather like is a time when we’re most longed exposure to direct the way some foods continue to exposed to the sun. sunlight when it is at its most cook after you have taken them out A child’s developing skin is intense. Try to stay in the of the oven. more vulnerable than an adult’s shade between 11am and The ideal after-sun routine starts and will carry the effects of every 4pm – the peak hours of sun- with gentle cleansing of the face using sunburn for life. shine. Use this period of the your regular cleanser. Then it’s time Children’s skin needs specific day as a chance to have some for the body. A quick shower is not protection. It actually receives about 'quality time' – take a siesta, do only refreshing after a day at the beach three times the amount of ultra-vio- some reading, visit an indoor but can also be a key part of your let rays as adults and yet their own attraction like an art gallery or skincare programme if you make sure protective pigmentation system is not museum… use your imagination. to use a shower gel with non-drying yet fully developed. properties that will moisturise the Protecting their delicate skin is skin. vital. There are a number of products You can also use a specific product like designed specifically for children – like Clarins After Sun Moisturiser Ultra-Hydrat- Sun Care Cream High Protection For Top It Up! ing which provides instant cooling and Children from Clarins – which offer very Always apply and re-apply your sun pro- comfort. It's ideal for all the family. thorough protection. tection every two hours, and more fre- Not only is it highly water resistant, it quently in strong sun. And not just on the is specially formulated not to sting the eyes. beach… apply first thing in the morning – If you set a good example in protecting so that you are protected as soon as you step Skincare After Dark your own skin, your children will be more outside. You can also replenish your skin while it than happy to follow your lead. rests at night. Of course, you can continue to apply your usual night-time skincare products if you want during the summer. Or you may prefer some of the after- sun products which have been specially developed for summer use. Feed Your Skin! Another important factor in achieving healthy and toned skin is maintaining a well-balanced diet. Summer provides the perfect opport - unity to enjoy fresh fruit and vegetables, plenty of water, exercise and rest. Make this summer the starting point for a new healthier lifestyle. Then when you’ve got into positive habits, you can try to main- tain them for the rest of the year!
32 IBOA - THE FINANCE UNION 2009 june SOUNDINGS ROCK OF AGES American legends and a Canadian maestro
Even if the weather fails to deliver a long hot summer, the music scene promises a season of golden oldies – with a number of classic performers from across the Atlantic. The cynics may claim they are only building the pension fund – and for at least one of them there may be some grain of truth in that – but 2009 offers a chance to see some consummate artists who, far from being over the hill, seem to have mellowed with age. In keeping with the sound of summer, the remarkable Brian Wilson makes a return visit to these shores – headlining the Electric Picnic in Stradbally, Co. Laois on September 4-6, after two dates in England at the Guilfest The Eagles in Guildford on July 11; and at the Sage in Gateshead on July 12. For a truly unforgettable Cohen also peforms at the ham’s NIA on July 5 and the O2 Acclaimed as one of the experience of pure musical Mercedes-Benz World, London Arena in London on July 6. most original and creative figures pleasure, beg, steal or borrow a on July 11 and the Echo Arena, Meanwhile the Eagles open in pop music, Brian was the ticket to see one of the genuine Liverpool, on July 14. at the Odyssey in Belfast on genius behind the Beach Boys – giants of modern music. “Sweet Baby” James Taylor June 30, followed by the RDS whose distinctive vocal sound Another great artist making kicks off his European tour at in Dublin on July 2. Hampden the new band not only emulate a welcome return is Leonard the Bournemouth International Park, Glasgow is the venue for but enhance. Cohen. Rated by many as thegig Centre on June 27, followed by the July 4 concert followed by The Beach Boys often found of 2008, the response to Cohen’s the Cardiff International Arena two nights at Birmingham’s NIA it hard to reproduce Wilson’s concerts in Dublin’s Royal Hospi- on June 28 and the MEN Arena, on July 7-8. Then it’s up to studio confections on the road. tal and other venues in Britain Manchester on June 30. Manchester’s MEN Arena for But Wilson says his current last year has guaranteed a further Crossing over to Ireland, two nights on July 11-12. ten-piece band are the best visit from Canada’s finest. Taylor and his band play the Despite these recessionary musicians he has ever worked This time he plays Dublin’s Live at the Marquee Festival in times, few promoters have cut with and Paul McCartney has O2 Arena for four nights on July Cork on July 2 and the O2 Arena ticket prices. So fans who can described the outfit as “the best 19-20 and 22-23 before packing in Dublin on July 3 before re- only afford one or two summer touring band in the world.” the Odyssey in Belfast on July 26. turning to Britain to Birming- gigs face some tough choices.
Special Offer for IBOA Members
¤1 off every CD you buy when you visit www.cdwow.ie/iboa Brian Wilson James Taylor Leonard Cohen
IBOA - THE FINANCE UNION 33 SIGHTINGS june 2009
The talents of some film-makers in predicting future trends suggest that they – rather than some of our recent leaders – should be run- ning the global economy. After all, they could hardly do any worse! Acclaimed filmmaker, Michael Mann, could hardly have picked a more opportune time to unveil his gangster thriller, Public Enemies, which is due for release next month. Although it is over a year since principal filming began – with at least another year in the writing and pre-production planning – Mann’s story of one of the Great Depression’s most charismatic anti- heroes is bound to resonate in the current global recession. The remarkable Johnny Depp stars as John Dillinger, whose audacious jail breaks and daring bank raids made him a folk hero to many ordinary Americans who blamed the banks for caus- ing the Depression. Dillinger was also one of the first American gangsters to exploit his own celebrity: an avid cinema-goer himself, he was well aware of the public reaction to the movie newsreels of his activities – despite their usually brutal and fatal consequences. Star cast: Johnny Depp (above), Marion Cotillard (below left) and Christian Bale (below right). Dillinger’s gang included the sociopathic Baby Face Nelson and the equally ruthless Pretty Boy Floyd. Another man keen to use Dillinger’s celebrity for his own purposes was the young J. Edgar Hoover (Billy Crudup) who realised that halting Dillinger’s crime spree could help to advance the claims of his fledgling Bureau of Investigation to become America’s national (federal) police force. He declared Dillinger his first “Public Enemy No. 1” and assigned his top agent, Melvin Purvis (the ubiquitous Christian Bale) – who became known as the “Clark Gable of the FBI.” The film is also graced with a wonderful performance by Oscar winner, Marion Cotillard (La Vie en Rose) as Dillinger’s torch singer girl- friend, Billie Frechette. Based on Bryan Burrough’s non- fiction book, Public Enemies: America’s BIG SCREENS AT LOW COSTS Greatest Crime Wave and the Birth of the FBI, 1933–34, the film was originally intended as a collaboration with IBOA between Mann and Leonardo di Caprio who eventually left the pro- UCI Cinemas (ROI) Storm Cinema Belfast ject to appear in Scorsese’s Shutter Half-price cinema tickets for all UCI Virtually half-price tickets! Island. According to Burrough the film is “not 100% historically accurate. screens in the Republic of Ireland! Adult ticket: just £3! Adult ticket: ¤5.90. Child ticket: ¤4.54. But it’s by far the closest thing to fact For tickets, contact For tickets, contact IBOA Hollywood has attempted, and for IBOA at 01-4755908. at 02890-382905. that I am both excited and quietly relieved.”
34 IBOA - THE FINANCE UNION READINGS
During the Wall Street crash in 1929, the word ‘banksters’ was coined to describe those ruthless individuals who had gambled away America’s wealth. In 2009 the term has been resurrected by David Murphy and Martina Devlin as the title of their new book on how the Irish financial services sector was brought to its knees by a small elite driven by profit and greed. Banksters traces the events which triggered the near collapse of the Irish banking system, The alchemists when a privileged ‘golden circle,’ caught up in a frenzy of greed and opportunism – fuelled by reck- less tax breaks engineered by cavalier politicians – gambled of catastrophe with the deposits and pensions of the Irish people – and lost. While bank shares climbed to dizzying heights, profits soared Fool’s Gold by Gillian Flett, published by Little Brown. and executives earned enormous In the mid 1990s, at a vast hotel penetrable as possible – to the bonuses, those who cried ‘stop!’ complex on a private Florida beach oint where only someone with a were shouted down. dozens of bank executives from the hD in higher mathematics could Banksters poses the all- New York, London and Tokyo offices nderstand them – Tett manages to important questions: who is to of JP Morgan gathered for a weekend utline their basic principles in a blame – and will all the culprits of networking and brainstorming. ay that can be understood by the be held to account? Among the drinking, nightclubbing on-specialist. and fist-fights of that wild weekend She also gives a good picture of was a more serious purpose – to assess e culture in which these young the possibility of building a business hizz kids were operating – the CHAPTERS around the new-fangled concepts o reed is good mentality” and the credit derivatives. centive schemes which offered BOOKSTORE The group at the heart of this projec ry generous rewards for highly Parnell Street Dublin 1 was an intense team, made up of indi- p ible behaviour – for which the viduals with a supreme sense of loyalty to each rest of the world is now paying a very heavy price. other and to the bank – for years, nothing could Ultimately the derivatives came to be used break them apart. as a device to disguise liabilities on the balance But when the team finally dispersed, the sheet – and so exaggerate the bottom line and the 10% innovations spread far beyond their original resulting bonuses for the senior executives. But intentions – producing wild distortions in the this illusion could not continue indefinitely. It was discount mortgage market that ultimately culminated in inevitable that the day of reckoning would come. catastrophe on a global scale. Part real-life thriller, part invest igation and for IBOA Award-winning Financial Times journalist, exposé, this searing narrative takes us deep in- Gillian Tett, dissects the consequences of this side the shadowy world of complex finance – members flawed experiment in a style that is engaging, corrupted by unrestrained greed and facilitated informative and extremely lucid. by a global regulatory environment so light and Show your IBOA membership Although these derivatives seem to be flimsy as to be effectively non-existent – in short card at the pay point deliberately designed to be as complex and a perfect storm for a worldwide credit crunch.
IBOA - THE FINANCE UNION 35 IQ june 2009
A prize of ¤50 will be awarded to the first entry Prize Crossword drawn from our post bag after the closing date. Across: Down: 1. Cleaning vigorously (9) 1. Kind of fur (5) 6. Fox’s tail (5) 2. Good and honourable (9) 9. Start (5) 3. Dining lavishly (10) 10. Competitor (9) 4. Lean (7) 11. Alacrity (10) 5. Origin (7) 12. At liberty (4) 6. Meat from cattle (4) 14. Disciple (7) 7. Below (5) 8. Brought under control and 15. Torvill and Dean (7) put to use (9) 17. Gambling venues (7) 13. Make most of chance (10) 19. Highwayman (7) 14. Designer of buildings (9) 20. Letter of Greek alphabet (4) 16. Remove totally (9) 22. Formal installation of 18. Sometimes worn by native monarch (10) of 25 across (7) 25. Capital of Scotland (10) 19. Relative (7) 26. Picture (5) 21. Chinese gang (5) 27. Current time (5) 23. Requires (5) 28. Calm and unshaken (9) 24. Capably (4)
Name...... Union No......
Address......
...... prevIOus sOlutIOn Across: 1. Stumbling; 6. Block; 8. Orbit; 10. Pessimism; 11. Tremendous; 12. Employer...... Branch/Dept ...... Once; 14. Felines; 15. Eternal; 17. Resists; 19. Noisily; 20. Gale; 22. Demolished; 25. Cassandra; 26. Alone; 27. Perch; 28. Preferred. A prize of ¤50 will be given to the sender of the first correct entry Down: 1. Scout; 2. Umbrellas; 3. Bitterness; 4. Impedes; 5. Gesture; 6. Brie; 7. drawn from our post bag on July 17, 2009. Entries should be sent Onion; 8. Kimberley; 13. Legitimate; 14. Forage Cap; 16. Neighbour; 18. Speed to Crossword, Spectrum, IBOA – The Finance Union, IBOA Up. 19. Neonate; 21. Loser; 23. Dread; 24. Rash. House, Stephen Street Upper, Dublin 8. Photocopies of the grid The winning entry was submitted by Aidan Hurley of Carrigaline, Co. Cork. are acceptable if you prefer not to cut up the magazine.
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36 IBOA - THE FINANCE UNION 2009 0 june IQ sUdoKU CHALLeNGe Are you due A prize of ¤30 will be 52awarded to the sender of the first correct entry drawn from a refund? 81275 our post bag on July 17, 2009. All entries should be If you have been a member of any 78 1sent to Sudoku, Spectrum, of the following IBOA local area IBOA – The Finance Union, Sports and Social Club Draws then 18 9 3 IBOA House, Stephen Street you may be due a refund. Upper, Dublin 8. 9624 A photo copy of the grid South West Region Ulster Bank, Ennis will be acceptable – if you NSC 98-56-80 A/C No 62978035 4168would prefer not to cut up the magazine. Midlands Region AIB Bank, Dundalk 172The winning entry for the NSC 93-24-50 A/C No 13881698 Sudoku Challenge in the last 42691 issue was submitted by London District AIB Bank, Kilburn Catherine Jinks of Moira, NSC 23-83-95 A/C No 42023092 43Craigavon, Co. Armagh. Although the monthly draws for these accounts finished some time ago, some monthly payments have Name ...... Union No...... continued to be made. IBOA is refunding all subscriptions back to Address...... the date of the last draw. So, if you have been paying into ...... one of these draws, please copy and complete the form below and send Employer...... Branch/Dept...... it – along with proof of your standing order payment – to Accounts Depart - ment, IBOA, IBOA House, Stephen Street Upper, Dublin 8. It really doesn’t take much to work out! For more information, contact Jessie Doherty, IBOA Honorary Finance Officer at 00-353-1-4755908 or at [email protected]
IBOA Sports and Social Club Draw application for refund
Inspired physicist and Name: … … … … … … … … … inspiring teacher, Address:… … … … … … … … … Albert Einstein was also a trade unionist. … … … … … … … … … … … He was a founder Membership No.: … … … … … …
member of Local Contact No.: … … … … … … … (Branch) 552 of the Member of which draw? American Federation of Teachers at Princeton University. … … … … … … … … … … … I confirm that I have been paying into the above IBOA Sports and Social Club draw. I am attaching proof of my standing I’M BETTER OFF ALTOGETHER! order payments. IBOA – the Finance Union Signed: ……………………………
IBOA - THE FINANCE UNION 37 SPORTINGLIFE june 2009 Two Irish teams for South Africa?
The city of Sofia – capital of Bulgaria – is a delightful spot in the summer time. It’s high, about 1700 feet up. At the end of every avenue there’s a mountain, still flecked with snow. The 30 degree heat is tempered by an occasional breeze, and the shade of a sycamore is never too far away. The golden dome of the huge cathedral rises high above a sweep of cupolas below, glistening in the bright sunshine. Cafés abound. Everywhere, there’s an opport - unity to relax, and that’s reflected in a refreshingly easy pace to the place. Sometimes football does that for you, takes you somewhere you’d never ever think of going, then makes you glad you joined. I’d been to Sofia twice before, in the depths of winter. It poured throughout the Northern Ireland game I’d gone to cover in 1978. They won 2-0. After, we’d gone for a refreshment or two, and by the time we emerged, in the early hours of the following morning, the rain had turned to snow. There wasn’t that much traffic then, back in the days of the Soviet bloc. A couple FORWARD TO SOUTH AFRICA?: Republic of Ireland soccer manager, of us set out, first footprints on the virgin Giovanni Trapattoni (Photo: Inpho/Donall Farmer) fall, to check on something we’d seen in the dim daylight – the hourly changing of the Ireland won their way to the World Cup in There 53 footballing nations of Europe guard at the tomb of the unknown soldier. Sweden in 1958. TV rights weren’t an issue are divided into nine qualifying groups. The Sure enough, as the clock struck three, then – because so few people had TVs. group winners go through automatically to soldiers emerged from the gloom to goose- I followed the team’s progress to the the final stages in South Africa while the step their way along the silent street and quarter-finals in the Belfast Telegraph, cour- best eight of the nine second placers go into relieve their frozen comrades. tesy of the vivid reporting of an extraordi- a home-and-away qualifying tie to earn the The eternal flame burns unaccompa- nary Glaswegian who’d come to Belfast as right to join them. nied now, alongside the basilica of St. a young man, and stayed – Malcolm Brodie, Northern Ireland were top of their Sophia, one example of the many ways life Sports Editor of the Tele, the now octoge- group at the start of June, the Republic had has changed in the city in the thirty-odd narian doyen of northern sports writers. the chance to end the month in a similar years since I was there for the first time. position. Now that summer’s soft blanket My second visit had to do with a foot- by George Hamilton of sunshine has settled over football’s ball match as well – a Scottish victory that affairs, the two Irelands (“Northern” and sent the Republic of Ireland to its very first “Republic of” in football parlance) are major championship – Euro 88. In 1982 in Spain, and in 1986 in Mex- below their respective summits, but sit Now, after my latest trip to the Balkans ico, I was there with the Northern Ireland comfortably nonetheless, second among where, incidentally, I have never seen team. Then the Republic took over, and their peers. Bulgaria win, there burns the hope, if not wrote their first chapter with Euro ’88. Northern Ireland had begun badly, but yet the expectation, that there will be an After that, World Cup appearances in four consecutive wins – a good return at any Irish team at the World Cup in South Africa Italy, the United States, and, most recently, level – put them back in the mix. They have next year. Or maybe, historically, even two! Japan and South Korea in 2002 were to fol- three more matches to play. It has been my singular good fortune to low. They’re away to Poland, whom they have been involved in the coverage of so 2006 happened without either of the beat, dramatically, in Belfast in March. many great days in Irish sport. The two Irelands, but it is not beyond the bounds of Then, they’re home to Slovakia (who went international football teams have been possibility that in South Africa next year, top of the group this month by beating central to this. for the very first time, the two sets of boys mighty San Marino). Northern Ireland lost I was only a nipper when Northern in green could be taking part. narrowly to the Slovaks in the away leg.
38 IBOA - THE FINANCE UNION 2009 june EDGEWISE ULTRA VIOLET &INFRA RED STEPHEN MALONE Gordon cleans up! The revelation that British Prime Minister, Gordon Brown, claimed £6,577 for cleaning his flat in Central London over 26 months, was condemned by Northern Ireland soccer the Tory press as an example of manager, Nigel Worthington New Labour excess. (Photo: INPHO/Presseye/ But since this would William Cherry) amount to a modest weekly contribution of £58 – giving a Finally, they re away to the wage of £116 a week (if Mr. Czech Republic, now cast as Brown was paying half of the perennial underachievers. They total), then surely the more may not be fancied, but Northern pertinent question is whether Ireland are by no means out of the payment was in breach of the contest for a place in the Britain’s minimum wage law! Finals. The same applies to the Re public. Giovanni Trapattoni s team selections may have infuri ated what used to be called the The Mother purists, but what he is doing is moulding a unit. Glenn Whelan of Invention and Keith Andrews? Nobody s In these recessionary times, poster boys, but they are the heart “Right!,” Trousering two for the price of one deals of the team that he has created. He gives them confidence. said Fred the Cash should be much prized. They go out, they play, they don t Problem No. 1: British MPs are causing public anger by make mistakes. And they have The recently published minutes On a recent talk radio show, the making excessive expenses yet to lose a competitive game of Royal Bank of Scotland (RBS) host was conducting a panel claims for “second home” under let s revert to cliché the board meetings held on October discussion between a stock– allowances. wily old Italian coach (the only 10, 11 and 12 to consider the broker, a senior banker and a Problem No. 2: The Olympic manager, incidentally, to have replacement of Chief Executive, trade union official. won all three of Europe s big club Village in East London risks Sir Fred Goodwin, reveal that As the discussion drew to a competitions, when there were becoming a “white elephant” the board never discussed the close, the interviewer asked still three). when the 2012 Games are over. specific size of the payments to one final question to each of the The Republic must visit Can you see where I’m going Goodwin. panellists: “what would you Cyprus, then they have Italy and with this? You’ve guessed it. The minutes show that do if you found e50,000 in Montenegro at home. If they win Why not turn the Olympic Goodwin was given a choice of your trouser pocket in the in the Med (where it hasn t al Village (or part of it) into taking his full pension at 50 (his morning?” ways been that simple), they standard accommodation for current age) or his full pension The stockbroker told the would have what amounts to a each MP – paid for by the tax- at 60. Tough choice, eh? nation that he would put the Cup Final against the World Cup payer – and scrap the farcical But the Bank’s gratitude to money into equities because holders at Croke Park. That claims for dog food, glittery prospect promotes salivation. the Chief Executive who had rapidly falling real estate prices toilet seats, tennis courts, plasma Northern Ireland, managed brought it to the brink of would make property a very screens, fridge magnets and, of by Nigel Worthington, their collapse was truly boundless. risky investment. course, cleaning moats! former left back from Ballymena, When he decided to with- The senior banker dis- have momentum. The Republic draw a lump sum of £2.7m agreed – pointing out that the of Ireland have Trapattoni, one of from his £16.9m pension pot, stock market was still far too IN the greatest coaches the game has the Bank very kindly offered to volatile. “Government bonds CRUNCH ever seen. South Africa awaits. provide it on a tax-free basis – are the best bet,” he declared. Sofia has been a waypoint for which, at 40%, meant that the “So now," said the host to both in the past. The city may lump sum cost the Bank £4.5m. the union official, “what would well find itself a footnote in NUMBERS e another story of Irish success. In the wake of the public you do if found 50,000 in your The pension (in Blue summer skies, those green outcry over Fred the Shred’s pocket in the morning?” peaks flecked with snowy white, pension, he very generously “Well,” he said, “I’d be 1000s of pounds) soft green spaces, garden cafés. offered to return the lump sum – wondering how on earth I ex-RBS chief, Fred I m just glad I got the chance to but only if the pension pot was came to be wearing someone Goodwin, draws go back. restored to its original level! else’s trousers!” 13every week!
IBOA - THE FINANCE UNION 39